Revision u/s. 263 not justified as AO took plausible view: ITAT Mumbai

National Stock Exchange of India Ltd Vs PCIT Tax-7 (ITAT Mumbai)

ITAT Mumbai held that invocation of revisionary proceedings under section 263 of the Income Tax Act not justified since AO has taken plausible view. Accordingly, order passed u/s. 263 set aside and appeal of assessee allowed.

Facts- Subsequent to completion of assessment u/s. 143(3) of the Income Tax Act, PCIT initiated revision proceedings u/s. 263 of the Income Tax Act. It was alleged that the assessee has contributed an amount of Rs.170 crore towards Contribution to NSCCL Core Settlement Gua

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